Investors in Xpeng (NYSE:XPEV) are wondering if Cathie Wood is giving up on the stock after a recent selloff.
That started at the beginning of this week, when Wood’s Ark Invest funds sold almost 130,000 shares of XPEV stock. The selloff continued into Tuesday with the divesting about 227,000 shares. That leaves Wood with only around 9,000 shares of the electric vehicle (EV) company.
Investors will note that Wood sold off her shares of XPEV stock as it underwent a rally. This allowed her to exit the company as the share price climbed. However, this move could also be a sign that Wood no longer believes in the Chinese EV maker.
One thing to keep in mind is that XPEV stock’s rally has allowed it to recover from losses earlier this year. While the stock is regaining that ground, there is reason for concern as ongoing macroeconomic troubles could bring it back down.
How XPEV Stock Is Moving Today
The recent XPEV rally isn’t slowing down, even as Wood sells her shares. This has XPEV stock climbing higher on Wednesday with heavy trading. As of this writing, more than 15 million shares have changed hands so far. To put that in perspective, the company’s daily average trading volume is closer to 16 million shares.
XPEV stock is up 9.5% as of Wednesday morning and up 10.3% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.